Enel Chile SA (ENIC) 2025 Q3 法說會逐字稿

Good morning ladies and gentlemen, and welcome to Enel Chile Third quarter in Nine months 2025 results conference call.

女士們、先生們，早安，歡迎參加 Enel Chile 2025 年第三季業績電話會議（預計九個月後公佈）。

My name is Carmen and I will be your operator for today.

我叫卡門，今天將由我來為您接聽電話。

During this conference call, we may make statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect only our current expectations, are not guarantees of future performance, and involve risk and uncertainties. Actual results may differ materially from those anticipated in the forward-looking statements as a result of various factors.

在本次電話會議中，我們可能會發表一些構成 1995 年《私人證券訴訟改革法案》意義上的前瞻性聲明的聲明。此類前瞻性陳述僅反映我們目前的預期，並不保證未來的業績，並涉及風險和不確定性。由於各種因素的影響，實際結果可能與前瞻性聲明中預期的結果有重大差異。

These factors are described in Enel Chile's press release reporting its Third quarter and Nine months 2025 results. The presentation accompanying this conference call and Enel Chile's annual annual report on Form 20 included on the risk factors. You may access our Third quarter in nine months 2025 results press release and presentation on our website at www.enel.chile in our 20 on the SEC's website at www.SEC.gov.

這些因素在 Enel Chile 發布的 2025 年第三季和前九個月業績新聞稿中有所描述。本次電話會議的簡報以及 Enel Chile 的年度報告（表格 20）中包含了有關風險因素的資訊。您可以在我們的網站 www.enel.chile 上造訪我們 2025 年第三季業績新聞稿和簡報，也可以在 SEC 的網站 www.SEC.gov 上存取。

Readers are cautioned not to place on the reliance on those forward-looking statements which speak only as of their dates. And Enel Chile undertakes no obligation to update these forward-looking statements or to disclose any development as a result of which these forward-looking statements become inaccurate except as required by law.

讀者應注意，不要過度依賴那些僅代表其發布之日情況的前瞻性陳述。除法律要求外，Enel Chile 不承擔更新這些前瞻性聲明或揭露任何導致這些前瞻性聲明不準確的情況的義務。

I would now like to turn the presentation over to Ms. Isabela Klemes, Head of Investor Relations of Enel Chile. Please proceed.

現在我謹將演講交給智利 Enel 公司投資人關係主管 Isabela Klemes 女士。請繼續。

Good morning and welcome to Enel Chile's 2025, 30 quarter and nine month results presentation. We greatly appreciate you taking the time to joining us today. My name is Isabela Klemes, and I'm the Head of Investor Relations. Joining me this morning is our CFO.

早安，歡迎參加 Enel Chile 2025 年、第 30 季和前九個月業績發表會。非常感謝您今天抽出時間參加。我叫伊莎貝拉‧克萊姆斯，我是投資人關係主管。今天早上和我一起的是我們的財務長。

Simone Conticelli.

西蒙娜·孔蒂切利。

Our presentation and financial related information are available on our website www.enel.chile in the investor section, as well as through our app investors. In addition, a replay of the call will be soon available.

您可以在我們網站 www.enel.chile 的投資者專區以及我們的投資者應用程式上查看我們的簡報和財務相關資訊。此外，通話錄音也將很快上線。

At the end of this presentation, there will be an opportunity to ask questions via webcast chat through the link, ask a question. Media participants are connected in listening mode. Simon will kick off the presentation by covering key highlights of the period, our portfolio management actions, providing us updates on the regulatory contest and an overview of our business, economic and financial performance for the period.

本次演講結束後，將有機會透過連結在網路直播聊天室提問，請提問。媒體參與者處於監聽模式。Simon 將首先介紹本期的主要亮點、我們的投資組合管理措施，並向我們提供監管競爭的最新情況以及我們本期業務、經濟和財務表現的概述。

Thank you all for your attention, and now let me hand over the call to Simone. Simone.

謝謝大家的關注，現在我把電話交給西蒙娜。西蒙娜。

Thank you, Isabela. Good morning and thank you for your participation. Let's start the presentation with our main highlights of the period.

謝謝你，伊莎貝拉。早安，感謝各位的參與。讓我們從本時期的主要亮點開始介紹。

Let's begin with the portfolio management.

我們先從投資組合管理開始。

We served a high level performance of our thermal generation fleet which she offset lower ideological conditions during the port.

我們的火力發電廠表現出色，彌補了港口期間意識形態條件的不足。

This outcome reflects our ability to adapt to evolving market dynamics and maintain operational stability.

這一結果反映了我們適應不斷變化的市場動態並保持營運穩定性的能力。

In addition, our gas optimization activities continued to support our margin, reinforcing their strategic role in balancing our portfolio and mitigating exposure to spot market volatility.

此外，我們的天然氣優化活動繼續支撐著我們的利潤率，鞏固了其在平衡我們的投資組合和降低現貨市場波動風險方面的戰略作用。

On the distribution side, we achieved successful implementation of the comprehensive winter plan aimed at strengthening its resilience and improving service continuity under challenging climate conditions.

在配送方面，我們成功實施了旨在增強其韌性並提高在嚴峻氣候條件下服務連續性的綜合冬季計劃。

Indeed, our performance in the period was one of the best in Chile.

事實上，我們在那段時間的表現是智利最好的之一。

The winter plan included the deployment of emergency crews strategically positioned in high risk areas, ex extensive vegetation management action, and installation of new telecontrol units to reduce restoration time.

冬季計畫包括將緊急人員策略性地部署在高風險地區，採取廣泛的植被管理措施，以及安裝新的遠端控制單元以縮短復原時間。

Additionally, targeted measures were implemented to support vulnerable customers, ensuring continuity of supply during adverse weather events.

此外，還採取了有針對性的措施來支持弱勢客戶，確保在惡劣天氣事件期間供應的持續性。

Now let's move on to the Chile regulatory contest.

現在我們來談談智利的監管之爭。

With reference to the VAD 2024 to 2028, a key milestone was the publication in the last weeks of the consultant report followed by the preliminary regulatory technical report. I will give you more details about it.

就 VAD 2024 至 2028 而言，一個關鍵的里程碑是在最後幾週發布了顧問報告，隨後又發布了初步監管技術報告。我提供更多細節給你。

Furthermore, in October, was also released the preliminary regulated energy tariff report for the First 2026.

此外，10 月也發布了 2026 年第一季的初步監管能源價格報告。

Now the Generation association of which is a part of, is working with authorities regarding the outcomes of the report.

現在，作為其成員之一的世代協會正在與相關部門合作，共同應對該報告的結果。

Looking ahead, to regulated energy auctions are scheduled for the Fourth quarter of 2025.

展望未來，受監管的能源拍賣計劃於 2025 年第四季舉行。

Let's now turn to business profitability.

現在我們來談談企業獲利能力。

We crossed the first nine months of 2025 with a stable EBITDA compared to the previous year, despite the difficult contest and significantly lower ideology, demonstrating the resilience of our operations.

儘管面臨嚴峻的競爭和顯著的低迷，我們2025年前九個月的EBITDA與前一年相比保持穩定，這證明了我們業務的韌性。

RSFfo remained positive, driven by the recovery of $261 million of receivables generated by the mechanism.

RSFfo 維持正值，主要得益於該機制產生的 2.61 億美元應收帳款的回收。

This inflow significantly strengthened our cash position for the for the year.

這筆資金流入顯著增強了我們今年的現金狀況。

As a result, we maintain a strong liquidity position enabling us to support our development plan and to mitigate operational headwind associated with the market and climate uncertainty.

因此，我們保持著強勁的流動性，使我們能夠支持我們的發展計劃，並減輕與市場和氣候不確定性相關的營運不利因素。

In the next slide, we will take a closer look at these topics to provide further insight, but let me anticipate that these achievements demonstrate our focus on operational excellence and sustainable growth.

在下一張投影片中，我們將更深入地探討這些主題，以提供更深入的見解，但我想預先說明的是，這些成就表明了我們對卓越營運和永續成長的關注。

We remain committed to delivering long-term value to our shareholders while advancing in the energy transition and strengthening the resilience of our business.

我們將持續致力於為股東創造長期價值，同時推動能源轉型，增強業務的韌性。

And now let's move to slide four to talk about the energy market situation, especially regarding hydrology and gas opportunities.

現在讓我們來看第四張投影片，談談能源市場情勢，特別是水文和天然氣的機會。

On the left side of the slide, you can see our id production over the last 10 years.

在投影片的左側，您可以看到我們過去 10 年的 ID 產品生產情況。

For 2025, we set our target at 10.7 terawatt hour, based on the last 10 year average.

根據過去 10 年的平均值，我們將 2025 年的目標設定為 10.7 太瓦時。

Although 2025 has been a particularly dry year, our hydro production has remained in line with our strategic plan.

儘管 2025 年是異常乾旱的一年，但我們的水力發電量仍然符合我們的策略計畫。

This was possible thanks to the flexibility of our hydroplanes with access to neurological basins. For this reason, we are keeping our ideology, the guidance and changes.

這得歸功於我們的水上飛機具有靈活性，可以進入神經學水池。因此，我們將堅持我們的理念、指導方針和變革。

To manage this scenario, we relied also on the flexible and competitive thermal fleet supported by a strong and diversified LNG and Argentine gas supply.

為了應對這種情況，我們也依靠靈活且具競爭力的熱能發電廠，以及強大且多元化的液化天然氣和阿根廷天然氣供應。

He respond quickly to market needs and reduce exposure to hydro volatility.

他能迅速回應市場需求，降低水電波動風險。

As a result, we increased thermal production, use competitive gas, and favorable training opportunities, adding $74 million in margin during the first nine months of 2025.

因此，我們提高了熱能產量，利用了具有競爭力的天然氣和有利的培訓機會，在 2025 年前九個月增加了 7,400 萬美元的利潤。

Regarding gas business in October, we completed a gas sale to Europe with margins similar to those recorded in the second quarter of 2025.

關於10月的天然氣業務，我們完成了一筆對歐洲的天然氣銷售，利潤率與2025年第二季的利潤率相似。

Looking ahead to 2026, we are evaluating options to secure competitive GAAP from Argentina through firm contracts in line with the past year strategy.

展望 2026 年，我們正在評估各種方案，以透過與阿根廷簽訂正式合約來確保符合去年策略的具有競爭力的 GAAP。

And now moving on to the slide 5, let's review our generation portfolio and energy balance.

現在來看第 5 張投影片，讓我們回顧一下我們的發電組合和能源平衡。

During the first nine months of 2025, net production decreased by 9% compared to the same period of 2024. This decline was driven by lower rider dispatch during the first nine months of 2025, reduction in renewable energy production due to the maintenance of two solar plants, higher curtailment levels also caused by transmission line limitations.

2025 年前九個月的淨產量比 2024 年同期下降了 9%。這一下降是由於 2025 年前九個月乘客出車量減少、兩座太陽能發電廠維護導致再生能源產量下降、以及輸電線路限製造成的棄電水平上升所致。

These efforts were partially offset by higher contribution from the efficient CCGT.

這些努力部分被高效率的燃氣複合循環發電廠（CCGT）的更高貢獻所抵消。

The same factors impacted the third core generation that amounted to 5.4 terawatt hour, lowered by 1.1 terawatt hour versus the same period of 2024.

同樣的因素也影響了第三代核心發電量，其發電量為 5.4 太瓦時，比 2024 年同期減少了 1.1 太瓦時。

Energy sales reached 22.7 terawatt hour, mainly due to the lower sale to regulated customers following the expiration of regulated contracts.

能源銷售達到 22.7 太瓦時，這主要是由於受監管合約到期後，對受監管客戶的銷售額下降所致。

The regulated contrast volume reduction is also the main cause for the decrease of the third quarter sale from 8.4 to 7.6 terawatt hour.

受控對比度下降也是第三季銷售額從 8.4 太瓦時下降到 7.6 太瓦時的主要原因。

And now I would like to take a moment to review an important milestone in the resilience program of our distribution business.

現在我想花一點時間回顧我們分銷業務韌性計劃中的一個重要里程碑。

We are pleased to share that we successfully implemented a comprehensive winter plan aimed at strengthening the stability of our grids and guaranteeing service continuity during the most challenging months of the year, particularly for our most vulnerable customers.

我們很高興地宣布，我們已成功實施了一項全面的冬季計劃，旨在加強電網穩定性，並保證在一年中最具挑戰性的月份裡，特別是為我們最弱勢的客戶提供服務，從而保障服務的連續性。

First of all, we deployed 376 emergency crews across our service territory. These teams were mobilized to respond to outrages and restore power.

首先，我們在服務區域內部署了 376 個緊急應變小組。這些隊伍被調動起來應對暴行並恢復電力供應。

One of the most impactful initiatives was the execution of more than 115,000 tree trimming, which significantly reduced feeder failures in areas exposed to severe weather.

其中一項最具影響力的舉措是修剪了超過 115,000 棵樹木，這大大減少了易受惡劣天氣影響地區的飼料供應故障。

We also modernized the grids installing new telecontrolled unit. This helped us to isolate faults and reducing service interruption time.

我們也對電網進行了現代化改造，安裝了新的遙控裝置。這有助於我們隔離故障並減少服務中斷時間。

In parallel, we implemented several infrastructure upgrades that enhanced network liability and quality of service for more than 193,000 customers.

同時，我們實施了多項基礎設施升級，提高了網路可靠性，並為超過 193,000 名客戶提供了服務品質。

Supporting vulnerable customers remains a priority for any, so we assisted more than 3,000 electro dependents ensuring continuity of supply through targeted measures.

為弱勢客戶提供支援仍然是我們的首要任務，因此我們透過有針對性的措施，幫助了 3000 多名依賴電力的人群，確保了電力供應的持續性。

Among them more than 2000 were equipped with digital meters while almost 2,900 received backup power solutions such as generators or battery systems.

其中，超過 2000 戶家庭配備了數位電錶，近 2,900 戶家庭獲得了備用電源解決方案，例如發電機或電池系統。

Finally, we strengthened the collaboration with municipalities to improve coordination during extreme weather events. This joint approach has enhanced emergency response capabilities.

最後，我們加強了與各市的合作，以提高極端天氣事件期間的協調能力。這種聯合行動方式提高了緊急應變能力。

All this effort translated into tangible improvements in the performance of our distribution network which result that clearly demonstrate the effectiveness of the winter plan.

所有這些努力都轉化為我們配送網路效能的實際改進，這些結果清楚地表明了冬季計畫的有效性。

And now let's take a look at slide seven where we highlight key updates on the energy regulatory contest.

現在讓我們來看第七張投影片，其中重點介紹了能源監管競爭的關鍵最新進展。

In 2025 we saw key changes in the regulatory framework. The distribution cycle for 2024-2028 is under development. In September, the consultant final report was published. Then in October, the CNE released its preliminary technical report with changes in maintenance and technical standards.

2025年，監管框架發生了重大變化。2024-2028 年的分配週期正在製定中。9月份，顧問最終報告發布。然後，在 10 月份，CNE 發布了初步技術報告，其中對維護和技術標準進行了修改。

Company have until the 10th of November to submit comments. The final report is expected in 2026.

公司可在11月10日前提交意見。最終報告預計2026年發布。

In parallel, we are currently awaiting settlement of outstanding debt related to the VAD decree for 2020-2024 published in April 2025. That is expected to be settled in 2026.

同時，我們目前正在等待解決與 2025 年 4 月發布的 2020-2024 年 VAD 法令相關的未償債務。預計這個問題將在2026年解決。

Passing to generation business on the fourth of October, on the 14th of October, the CNE published the preliminary technical report for the first part of 2026.

10 月 4 日轉入發電業務後，10 月 14 日，CNE 發布了 2026 年上半年的初步技術報告。

It includes a correction to the inflection aspects. We are reviewing the impact and waiting for the final report.

其中包括詞形變化方面的修正。我們正在評估影響，並等待最終報告。

Passing to the stabilization mechanism as of September 2025, we have 149 million dollarsE one receivable to be fully recovered by the end of 2027.

從 2025 年 9 月起轉入穩定機制，我們有 1.49 億美元的應收帳款需要在 2027 年底前全部收回。

Going to other relevant topics in August, can we to effect a resolution on best remuneration that authorizes the best to provide ancillary services.

八月我們再討論其他相關議題，能否就最佳薪酬方案達成一致，授權最優秀的人員提供輔助服務？

In the last week, changes have been introduced in 2025 regulated auctions, increasing the volume of the 2027-2030 auction from 1.7 to 3.4 terawatt hour per year. The offer the line is now the 14th of November, launching a 1.5 terawatt hour per year short-term auction for 2026. The offer deadline is the second of December.

上週，2025 年受監管的拍賣引入了變化，將 2027-2030 年的拍賣量從每年 1.7 太瓦時增加到 3.4 太瓦時。目前，該線路的報價日期定為 11 月 14 日，啟動 2026 年每年 1.5 太瓦時的短期拍賣。報價截止日期為12月2日。

Finally, regarding subsidies, the 3rd electricity subsidy ran from the third of June to 15th of July, covering the period from July to December 2025. Around 341,000 annual distribution customers benefit of it. A bill to expand the subsidy is still pending in the Congress.

最後，關於補貼，第三輪電力補貼從 6 月 3 日持續到 7 月 15 日，涵蓋 2025 年 7 月至 12 月期間。每年約有 341,000 名分銷客戶從中受益。一項擴大補貼範圍的法案仍在國會待審議。

And now I will start reviewing the lights of our financial performance over the period.

現在我將開始回顧我們這段時期的財務表現。

Before we review the results, a quick reminder. As of January 1, 2025, and changed its functional currency from Chilean pesos to US dollars.

在回顧結果之前，先簡單回顧一下。自 2025 年 1 月 1 日起，其功能貨幣由智利比索改為美元。

For comparison, nine months and third quarter 2024 figure are shown using the average exchange rate of these periods.

為了進行比較，使用了這些期間的平均匯率，顯示了 2024 年 9 個月和第三季的數據。

I will enter into details of our financial and economic performance in the next slide.

我將在下一張投影片中詳細介紹我們的財務和經濟表現。

So let's move to the next slide to look at the progress made on CapEx.

接下來，讓我們翻到下一張投影片，看看資本支出的進展。

Our total CapEx reached $245 million during the first nine months of the year, maintaining a focus on grids and power plant fleet performance.

今年前九個月，我們的資本支出總額達到 2.45 億美元，重點放在電網和發電廠的性能。

Let's review the location in more detail.

讓我們更詳細地了解這個地點。

41% or $101 million was directed towards Greek investments.

其中 41%（即 1.01 億美元）用於投資希臘。

31% or $76 million supported thermal power projects.

31%（即 7,600 萬美元）用於支援火力發電計畫。

27% or

27% 或

$67 million was invested in renewable and storage.

已向再生能源和儲能領域投資了6700萬美元。

Regarding Greece, the focus remains on the resident program to strengthen the grids and ensure service continuity under adverse weather conditions. Internal segment, the priority is the maintenance and performance enhancement of the power plant fleet.

對於希臘而言，重點仍然是居民計劃，以加強電網並確保在惡劣天氣條件下服務的連續性。內部方面，首要任務是維護和提高發電廠設備的性能。

In the renewable segment, we have to center our efforts on finalizing the AMGD program, enhancing hydro facility performance, and maintaining fleet viability.

在再生能源領域，我們必須專注於完成 AMGD 計劃，提高水力發電設施的性能，並維持機組的可用性。

Now let's move on to the breakdown by Nasir.

現在讓我們來看看納西爾的分析。

Asset management cap totaled $139 million accounting for 57% of total caps, mostly used for the maintenance of Atacama Quintero CCGT, the improvement of renewable fleet availability, and corrective maintenance and dig digitalization of grids.

資產管理上限總計 1.39 億美元，佔總上限的 57%，主要用於阿塔卡馬金特羅 CCGT 的維護、提高再生能源機組的可用性以及電網的糾正性維護和數位化改造。

Development CapEx was $60 million mainly driven by.

開發資本支出為 6000 萬美元，主要由以下因素驅動：

Investment for grid reliability enhancement, digital matters programs, and telecom telecontro deployment.

用於提高電網可靠性、數位化專案和電信控制部署的投資。

And for the completion of 2024 investment program for PMGD.

並完成 PMGD 的 2024 年投資計畫。

The 2025 development covers of battery related projects will be recorded starting from the next quarter.

2025 年電池相關項目的發展規劃將從下一季開始記錄。

Finally, customer cap totaled $46 million mainly invested in low and medium voltage connection project and initiative to support load increase.

最後，客戶資金總額達到 4,600 萬美元，主要用於低壓和中壓連接項目以及支持負載成長的措施。

Let's now turn to the next slide which provides a closer look at our EBITDA performance.

現在讓我們來看看下一張投影片，它將更詳細地展示我們的 EBITDA 業績。

During the last quarter I bid a total of $345 million representing a decrease of $63 million compared to the same period of 2024, mainly explained by the following factors starting with the we recorded a decrease of $89 million in PA sales, mostly due to determination of some high price regulated contracts that impacted on volumes and average price of a regulated portfolio, partially offset by the negative impact of exchange rate hedges recorded in 2024.

上一季度，我總共出價 3.45 億美元，比 2024 年同期減少了 6300 萬美元，主要原因如下：首先，我們的 PA 銷售額減少了 8900 萬美元，這主要是由於確定了一些高價管制合同，影響了管制投資組合的數量和平均價格，部分被 2024 年記錄的匯率對沖率的負面影響。

Regarding sourcing, its contribution remained in line with the same period in 2024. This result was mainly achieved thanks to our optimized sourcing strategy and the issuance provision, mainly coming from Gatta Gamma, which effectively offset higher costs in the energy spot market, mainly due to the higher purchase volume.

在採購方面，其貢獻與 2024 年同期保持一致。這項成果主要得益於我們優化的採購策略和發行供應，主要來自 Gatta Gamma，有效抵消了能源現貨市場較高的成本，這主要是由於較高的採購量造成的。

Gas trading contributed positively with a $5 million margin increase, mainly fueled by expanded trading activities in the third quarter of 2025.

天然氣交易對利潤率的提升做出了積極貢獻，利潤率增加了 500 萬美元，這主要得益於 2025 年第三季交易活動的擴大。

Turning to Greece, we recorded a positive impact of $170 million mainly driven by a regulatory provision reflecting the settlement adjustments for the previous year and higher OpEx recorded in the third quarter of 2024 due to the extreme weather events that occurred in May and August.

再來看希臘，我們記錄到 1.7 億美元的正面影響，這主要得益於反映上一年結算調整的監管準備金，以及由於 5 月和 8 月發生的極端天氣事件，2024 年第三季記錄的較高營運支出。

These effects were partially upset by the increase of OEM expenses, mainly associated with the implementation of the comprehensive winter plan.

由於 OEM 支出增加，這些影響部分被抵消，這主要與實施全面的冬季計劃有關。

And now let's move on to the next slide to review the main impacts on EBITDA during the 9 month period.

現在讓我們來看下一張投影片，回顧一下這 9 個月期間對 EBITDA 的主要影響。

I reached the $1,004 million remaining flat compared to the same period of 2024.

與 2024 年同期相比，剩餘的 10.04 億美元持平。

Starting with the generation business, we recorded a decrease of $244 million in PPA sales, mainly due to determination of high price regulated contracts, partially offset by the negative impact of exchange rate hedges recorded in 2024 and the positive price effect due to the indexation of the free market contracts.

從發電業務來看，我們的購電協議 (PPA) 銷售額減少了 2.44 億美元，這主要是由於確定了高價管制合同，部分被 2024 年記錄的匯率對沖的負面影響以及自由市場合約指數化帶來的積極價格效應所抵消。

Regarding sourcing, we recorded a positive effect of $192 million despite the $34 billion negative impact related to the transmission line restrictions following the February blackout and the additional second quarter issues.

在採購方面，儘管 2 月份大停電後輸電線路限制以及第二季度其他問題造成了 340 億美元的負面影響，但我們仍獲得了 1.92 億美元的積極影響。

The result was obtained thanks to lower port and third parties energy purchases costs.

這一結果得益於港口和第三方能源採購成本的降低。

Energy settlements from previous periods already anticipated insurance provision, and finally lower transmission costs.

前期能源結算已經考慮到了保險條款，最終降低了輸電成本。

In the First Nine months of 2025, gas margin contributed for $27 million also thanks to the increase of the gas training activity versus the same period in 2024.

2025 年前九個月，天然氣利潤貢獻了 2,700 萬美元，這也得益於天然氣培訓活動的增加，與 2024 年同期相比有所增長。

Passing to Greece, we recorded a positive impact primarily driven by the provision reflecting the higher tide expected for the 2024-2028 regulatory period and tariff indexation.

再來看希臘，我們記錄到正面的影響，這主要是由於 2024-2028 年監管期預期更高的潮位和關稅指數化所致。

Some settlement adjustments from the previous year, higher OpEx recorded in the period 2024, mainly due to the extreme weather events.

與前一年相比，部分結算有所調整，2024 年期間的營運支出增加，主要是由於極端天氣事件。

Partially offset by the increase of OEM expenses mainly associated with the implementation of the comprehensive winter plan.

部分被與實施全面的冬季計劃相關的 OEM 費用增加所抵消。

We also recorded an increase of generation cost due to the new developed capacity and the maintenance activities.

由於新增產能和維護活動，我們也記錄到發電成本的增加。

Finally, in 2025, specifically in the second quarter, we recorded the personal cost one-off effect, mainly for the incentivize every re retirement plan to support the company organization aimed at improving internal skills and performance.

最後，在 2025 年，具體來說是在第二季度，我們記錄了個人成本的一次性影響，主要是為了激勵每位退休人員，以支持公司組織，旨在提高內部技能和績效。

And so now let's move on to the next slide where we will review the net income evolution.

現在讓我們進入下一張投影片，回顧一下淨收入的變化。

Our 9 months 2025 net income reached $352 million a 21% decrease compared to the last year figure, mainly as planned by higher depreciation, amortization, impairment, and bad debt expenses for $84 million mainly due to The commissioning of new renewable capacity amounting to $32 million. The impairment related to our decision not to proceed with the new PMGD solar project initially planned for development in this area. And finally, the $12 million increase of Greek debt provision, mainly due to the higher bidding resulting from tariff increase and long overdue customer debt.

2025 年前 9 個月，我們的淨收入達到 3.52 億美元，比上年同期下降 21%，這主要如計劃的那樣，是由於折舊、攤銷、減值和壞賬支出增加 8400 萬美元，這主要是由於新增可再生能源產能投入使用，金額達 3200 萬美元。此次損失與我們決定不再推進最初計劃在該地區開發的 PMGD 新太陽能專案有關。最後，希臘債務撥備增加了 1,200 萬美元，這主要是由於關稅上漲和長期拖欠的客戶債務導致競標價格上漲。

Regarding financial results, we recorded a negative variation of $38 million mostly explained by the lower capitalized expenses on renewable projects by $61 million partially offset by lower financial expenses for $29 million resulting from lower average outstanding debt and lower average interest rate.

在財務表現方面，我們記錄了 3,800 萬美元的負變動，這主要是由於再生能源項目的資本支出減少了 6,100 萬美元，部分被平均未償債務和平均利率降低導致的財務支出減少 2,900 萬美元所抵銷。

The latter was partially offset by a $20 million reduction in corporate income tax expenses, mostly explained by lower results.

後者部分被企業所得稅支出減少 2,000 萬美元所抵消，這主要是由於業績下滑所致。

Focusing on the quarter, net income decreased by $74 million mainly due to A $63 million dollar decrease in EBITDA, a $29 million increase in the recession and amortization and bad debt, primarily due to the operation of a new renewable capacity, and an $11 million dollar increase in financial results mainly due to the lower capitalized expenses of renewable projects.

聚焦本季度，淨收入減少了 7,400 萬美元，主要原因是：EBITDA 減少了 6,300 萬美元；經濟衰退和攤銷及壞帳增加了 2,900 萬美元，主要是由於新的再生能源產能的營運；財務業績增加了 1,100 萬美元，主要是由於再生能源項目的資本化可減少支出。

The latter was partially offset by a $23 million reduction in corporate income tax expenses, mostly explained by lower results of the period.

後者部分被企業所得稅支出減少 2,300 萬美元所抵消，這主要是由於該期間業績下滑所致。

And now let's move on to the FFO analysis on the next slide.

現在讓我們繼續下一張投影片上的 FFO 分析。

Let's analyze the FFO composition for the First Nine months of 2025 and the main effect compared to the same period in 2024. FFO reached $650 million presenting an improvement of 240.

讓我們來分析一下 2025 年前九個月的 FFO 組成，以及與 2024 年同期相比的主要影響。FFO達到6.5億美元，提高了240%。

$8 million compared to the previous year. This is due to the following factors.

與前一年相比，增加了800萬美元。這主要是由於以下因素造成的。

First, it be that $1 billion remaining flat compared to the same period last year as previously explained.

首先，正如先前解釋的那樣，10億美元與去年同期相比保持不變。

Second, the recovery of pack receivable in 2025 contributed for $285 million mainly thanks to factory executed in April 2025 credited 23. And recovery to the tariff of $31 million of receivable.

其次，2025 年應收包裝款項的回收貢獻了 2.85 億美元，主要得益於 2025 年 4 月執行的工廠，該工廠已計入 23 億美元。並收回 3,100 萬美元的應收關稅款項。

It is worth mentioning that we observe a positive (Inaudible) of $248 billion versus the nine months 2024 thanks to the end of accumulation of receivables started in October 2024.

值得一提的是，由於 2024 年 10 月開始的應收帳款累積結束，我們觀察到與 2024 年前九個月相比，出現了 2,480 億美元的正增長（聽不清楚）。

So, the increase of networking capital impacted for $329 million mainly due to the 2024 development cap payment, lower collection in our distribution business, and other seasonality effect.

因此，網路資本增加 3.29 億美元，主要原因是 2024 年發展上限付款、分銷業務收款減少以及其他季節性影響。

The increase was higher by $255 million versus the previous year, mainly due to the negative effect of energy payment scheduling and the voluntary compensation paid in 2025 regarding the extreme climate event from May and August 2024. These effects were partially offset by lower coverage payments to renewable capacity.

與前一年相比，增幅高達 2.55 億美元，這主要是由於能源支付安排的負面影響，以及針對 2024 年 5 月和 8 月極端氣候事件在 2025 年支付的自願補償。這些影響被再生能源發電能力補貼減少部分抵消。

Fourth, the income taxes impacted on FFL amounted to $231 million mainly due to the tax payment in the generation business.

第四，FFL受到的所得稅影響達2.31億美元，主要原因是發電業務的稅金繳納。

Income taxes paid in the nine months 2025 were higher by $63 million compared to the nine months 2024. This difference is mainly due to the increased tax payment in the generation business driven by both higher results and higher monthly payment tax rates.

2025 年前九個月繳納的所得稅比 2024 年前九個月增加了 6,300 萬美元。這種差異主要是由於發電業務的稅收增加所致，而稅收增加又是由更高的業績和更高的月度稅率共同推動的。

Finally, financial expenses were $130 million mostly due to the debt related costs. This represents a reduction of $52 million compared to the nine months 2024, mainly driven by a lower average debt this year.

最後，財務支出為 1.3 億美元，主要原因是與債務相關的成本。與 2024 年頭九個月相比，這相當於減少了 5,200 萬美元，主要原因是今年的平均債務較低。

And now let's take a look at our liquidity and leverage position.

現在讓我們來看看我們的流動性和槓桿狀況。

Our gross debt is 3.9 billion at the end of September 2025 in line with the gross debt as of December 2024.

截至 2025 年 9 月底，我們的總債務為 39 億，與 2024 年 12 月的總債務基本持平。

The average terms of our debt maturities decreased from 6.2 years as of December 2024 to 5.5 years as of September 2025, and the portion at the fixed rate is 87% of total debt.

截至 2024 年 12 月，我們的債務到期平均期限為 6.2 年，截至 2025 年 9 月，該期限縮短至 5.5 年，其中固定利率部分佔總債務的 87%。

The average cost of our debt reached 4.8% as of September 2025, decreasing from 5.0% in December 2024, in line with our efforts to optimize the financial costs.

截至 2025 年 9 月，我們的平均債務成本達到 4.8%，低於 2024 年 12 月的 5.0%，符合我們優化財務成本的努力。

Regarding liquidity, we are in a comfortable position to support our capital needs for the coming months and cope with the next year maturities.

關於流動性，我們有能力滿足未來幾個月的資金需求，並應對明年到期的債務。

As of September 2025, we have available commuter credit lines for $640 million and cash equivalent for $373 million.

截至 2025 年 9 月，我們有 6.4 億美元的通勤信貸額度和 3.73 億美元的現金等價物。

And now I would like to share the following closing remarks.

現在我想分享以下總結性發言。

In the coming months, significant regulatory updates are expected that will clarify tariffs and market mechanisms. These represent an essential step to refine our long-term strategy and to ensure that our investment decisions remain aligned with regulatory developments.

未來幾個月，預計將推出重要的監管更新，以明確關稅和市場機制。這些措施是完善我們長期策略、確保我們的投資決策與監理發展一致的重要一步。

We are implementing productivity initiatives to address portfolio dynamics and climate challenges. This includes action to strengthen our generation and distribution businesses, improve risk management, and enhance our ability to respond to extreme weather events.

我們正在實施提高生產力的舉措，以應對投資組合動態變化和氣候挑戰。這包括採取行動加強我們的發電和配電業務，改善風險管理，並提高我們應對極端天氣事件的能力。

The measures are designed to safeguard service continuity and maintain system stability.

這些措施旨在保障服務連續性和維持系統穩定性。

Our solid financial position and flexible business model allow us to follow with our business plan even through market uncertainties while continuing to invest in strategic renewable and best projects and deliver sustainable returns for our shareholders.

我們穩健的財務狀況和靈活的商業模式使我們能夠在市場不確定的情況下繼續執行我們的商業計劃，同時繼續投資於策略性再生能源和最佳項目，並為我們的股東帶來可持續的回報。

Finally, we are preparing for our 2026 Investor Day scheduled for the first quarter of 2026, where we will share a comprehensive view of our strategy and the action that will drive long-term value creation.

最後，我們正在籌備定於 2026 年第一季舉行的 2026 年投資者日，屆時我們將全面闡述我們的策略以及推動長期價值創造的行動。

And now let me hand it over to Isabella for the Q&A session.

現在，我把問答環節交給伊莎貝拉。

(Operator Instruction).

（操作說明）

Okay, so, Simone, the first question is coming from (Inaudible) has four questions, so I will be talking one by one, okay? So the first one is, what is the amount that Enel Chile must return to customers due to the miscalculation of the CNA included in the first half, 2026 PNP reports.

好的，西蒙妮，第一個問題來自（聽不清楚），她有四個問題，所以我將逐一回答，好嗎？因此，第一個問題是，由於 2026 年上半年 CNA 的計算錯誤，Enel Chile 必須向客戶退還多少金額（PNP 報告）。

Okay, thank you, Rodrigo. Just to give some contest, so in the first half of October, the he explained that they have changed the the the formula of the population of the PN and so this change in the formula will have some impact.

好的，謝謝你，羅德里戈。為了增加一些競爭性，他在 10 月上半月解釋說，他們已經改變了國民黨人口的計算公式，因此公式的變化將會產生一些影響。

And we have calculated the impact for in an amount that is between $40million and $45 million. So we have to expect a negative provision in terms of mainly financial cost. So the impact will be mainly in in the financial items.

我們計算出的影響金額在 4000 萬美元到 4500 萬美元之間。因此，我們必須預料到主要在財務成本方面會有負面準備金。因此，影響主要體現在財務方面。

And in your question you talk about customer, but in any case just com the customer were impacted just for a small amount because just the 2% of the total amount of the changes was the customer in the so this amount will be.

在你的問題中你提到了客戶，但無論如何，客戶受到的影響很小，因為變更總額中只有 2% 是客戶受到的影響，所以這個金額將是。

Accrual by in 2025 and then we will pay it back in the form of the process is not so clear but in any case we expect in the first half of 2026 but the amount will not impacted directly for the total value of the customer.

應計款項將於 2025 年到賬，然後我們將以某種形式償還，具體流程尚不明確，但無論如何，我們預計將在 2026 年上半年償還，但該金額不會直接影響客戶的總價值。

Okay, thank you, Simone. So the second question now is on Enel distribution. So what is the amount on to distribution Chile in connection to the VID 2020-2024?

好的，謝謝你，西蒙妮。那麼，第二個問題是關於 Enel 的分佈。那麼，與 VID 2020-2024 相關的分配給智利的金額是多少？

Okay.

好的。

So talking about the remuneration period 2020, 2024, we are really not finalizing the last steps of the process. So the amount that was already be defined and what we are waiting is that the sector will say when we have to receive back the the the missing part. And the amount, in this case is around $55 million.

所以，關於 2020 年和 2024 年的薪酬方案，我們其實還沒有最終確定流程的最後步驟。所以，已經確定的金額，我們現在等待的是該行業說明何時需要收回缺少的部分。而這起案件的金額約為 5,500 萬美元。

There are two possibilities if you want to be prudent, you can imagine that the cashback can start middle of 2026, even if I remember in the view of the new minister of energy that say that that the process can also be faster and start earlier.

如果你想謹慎一些，有兩種可能性：你可以想像返現可能在 2026 年年中開始，儘管我記得新任能源部長曾說過，這個過程也可能更快，甚至更早開始。

Okay, thank you, Simone.

好的，謝謝你，西蒙妮。

So now let me check here. We have the third question. So the third question of Rodrigo now is on generation side on the LNG strategy. No, so could you please explain about your strategy.

現在讓我來檢查一下。我們現在有第三個問題。所以羅德里戈現在的第三個問題是關於液化天然氣戰略的發電方面。不，所以您能解釋一下您的策略嗎？

Regarding LNG and Argentina Gas?

關於液化天然氣和阿根廷天然氣？

For interrupt for the year 2026. How many ships do you plan to buy?

2026 年中斷。你打算買多少艘船？

So as for us, the gas business is very important because we need gas for our thermal power plant, but also because we find that during the year some creative opportunities to make margin to our gas.

對我們來說，天然氣業務非常重要，因為我們的熱電廠需要天然氣，我們也發現，在這一年中，有一些創造性的機會可以從天然氣業務中獲利。

We are basically a long-term gas for LNG.

我們基本上是液化天然氣的長期供應商。

And more or less the volume for more than 2 per year and so in 2026 we'll keep on using this contract in these very days we are working, we are negotiating Argentinian supplier to. Add new contract for Argentinian gas and so in this moment, I cannot talk about this negotiation.

每年的產量或多或少超過 2 件，因此在 2026 年我們將繼續使用這份合同，目前我們正在與阿根廷供應商進行談判。由於新增了阿根廷天然氣合同，因此目前我無法談論此次談判。

The negotiation is ongoing and well.

談判正在進行中，進展順利。

Okay, thank you, Simone. Now the last question of Rodrigo is regarding CapEx on generation business. No, regarding CapEx for generation, could you please give us an update for 2025 and actually we also received the same question from Balance as well.

好的，謝謝你，西蒙妮。羅德里戈的最後一個問題是關於發電業務的資本支出。不，關於發電方面的資本支出，您能否提供 2025 年的最新情況？實際上，Balance 也問了我們同樣的問題。

So, very well, and talking about this year CapEx, as we.

很好，接下來我們來談談今年的資本支出。

All of the plan with one exception that was the Apex for the development of the new system, because we Recorded a little delay for this project and it was due to strategic reason. I mean we wait where the new piece of regulation will be best. I mean the regulation for. The participation of space in the ancillary service market and then we keep on studying the evolution of the market and the penetration of the best in the Chilean production.

整個計劃只有一個例外，那就是新系統開發的 Apex 項目，因為我們在這個項目上稍有延誤，這是由於戰略原因造成的。我的意思是，我們會等待新的法規出台後情況會如何發展。我是指相關規定。我們研究了空間在輔助服務市場的參與情況，然後我們繼續研究市場的發展以及智利最佳產品的滲透。

So we started a little bit late in the project and in the first report, the amount of capital. The project was compared to the, but the project had been already started are ongoing, and so you will see in the last quarter in total talking about (Inaudible) generation investment for more or less $10million $16 million US dollars and a part of this investment will be the best.

所以我們在專案啟動時稍微晚了一些，在第一份報告中，我們提到了資金數量。該項目與…進行了比較，但該項目已經開始，並且正在進行中，因此您將在最後一個季度看到總共談到（聽不清楚）發電投資大約為 1000 萬至 1600 萬美元，而這筆投資的一部分將是最好的。

And then we keep on growing investment on thermal.

然後我們繼續加大對熱能領域的投資。

How strategic is the thermal fleet and of course in case of low low water in the system, our efficient CCGT plants are called to so we have to keep all these plants at the highest level of efficiency and performance.

火力發電廠的戰略意義有多重大？當然，如果系統中的水位較低，我們高效的燃氣渦輪機聯合循環發電廠就會被啟用，因此我們必須保持所有這些電廠的最高效率和性能。

Okay, thank you. And we have a final one, sorry, Rodrigo. We have five questions from.

好的，謝謝。最後一個問題，抱歉了，羅德里哥。我們收到了五個問題。

(Inaudible). So.

（聽不清楚）所以。

The last one is on distribution side, okay? On distribution could outline the measures being taken to address the increasing energy losses.

最後一個問題出在分銷方面，懂嗎？關於分配方面，可以概述為應對日益增加的能源損失而採取的措施。

Okay. Talking about losses in energy.

好的。談論能源損耗。

We have discussed the the the losses getting higher, in the last year started from 2023, and so in this moment, the percentage of losses is a bit higher than 6%.

我們已經討論過損失不斷增加的情況，從 2023 年開始的最後一年，損失率有所上升，因此目前損失百分比略高於 6%。

Which is the reason can be many reasons, but the most important reason is the increase in the tax so that the the final customer, no, and so a little bit a change in inhabit related also to this increase in tax.

原因可能有很多，但最重要的原因是稅收增加，最終消費者不買賬，因此，與稅收增加相關的居民數量也略有變化。

What we are doing from one side we have Increasing the activity to recover these losses and so we have recovered more than expected in the initial planning to losses.

一方面，我們正在加強彌補這些損失，因此我們彌補的損失比最初計劃的預期還要多。

And

和

On the

在

Other

其他

Side, we are making other action.

同時，我們正在採取其他行動。

For example, and launching flexible payment plans for the customer that want to pay the new bill.

例如，為希望支付新帳單的客戶推出靈活的付款計劃。

We have a new smart special tool.

我們有一款新型智慧專用工具。

We work on formats to localize where the office are originate. That and then we can intervene and finally we are working with the regulator to TRY to find changes also in the regulation that can help to contain this.

我們正在研究各種格式，以便將辦公室所在地本地化。然後我們可以幹預，最後我們正在與監管機構合作，努力在監管方面尋求改變，以幫助遏制這種情況。

Okay, thank you, Simone. Now move on. We have questions from (Inaudible). Thanks for the question. So the question is the company in Enel Chile confirmed its latest guidance?

好的，謝謝你，西蒙妮。現在繼續。我們有一些問題來自（聽不清楚）謝謝你的提問。所以問題是，智利 Enel 公司是否確認了其最新的業績指引？

So the answer is yes, but just some contest. This was a very tough year in terms of ideological situation. So, finally, the season was drier than expected, but in many days we show our flexibility as a company we leverage on our. Very profitable gas contract we use the flexible and efficient CCGT and so we have those, so we maintain higher production also our hydropower plant can use reservoir and so also the production for.

所以答案是肯定的，但只是一場競賽而已。從意識形態角度來看，今年是非常艱難的一年。所以，最終，這個季節比預期的要乾燥，但在許多日子裡，我們展現了我們作為一家公司的靈活性，我們充分利用了我們的資源。我們使用靈活高效的燃氣聯合循環發電廠（CCGT）簽訂了利潤豐厚的天然氣合同，因此我們能夠保持較高的產量，同時我們的水力發電廠也可以利用儲層，從而提高產量。

Did not decrease so much and given all this action and the flexibility the company built in the past year, we can react to this adverse climate conditions and achieve we can confirm the results.

下降幅度並不大，而且鑑於公司在過去一年中採取的所有行動和建立的靈活性，我們可以應對這種不利的氣候條件並取得成果，我們可以確認結果。

Okay.

好的。

Thank you, Simone. So, move on. The next one is It's also from (Inaudible). It's about the FFO. So could you explain the dynamics of FFO during the nine months of this year, and your expectation by the year ends.

謝謝你，西蒙娜。所以，繼續前進吧。下一個是它也來自（聽不清楚）關鍵在於FFO。那麼，您能否解釋一下今年前九個月的FFO動態，以及您對年底的預期？

Okay, talking about the FFL, talking about our, the FFL usually is concentrated in the second half of the year and particularly in the last quarter, and the main reason is that visa is higher than the speed of the, and so on.

好的，說到 FFL，說到我們的 FFL，通常集中在下半年，特別是最後一個季度，主要原因是簽證速度比其他方面快，等等。

This year in the first nine months, and we have a very high level of FFL and this was.

今年前九個月，我們的 FFL 水平非常高，情況就是這樣。

Thanks to the not ordinary cashing from regulatory processes, so we cash in around $300 million US dollars recovering cash from the.

由於監管程序帶來的非同尋常的現金流，我們從中收回了約 3 億美元的現金。

Looking ahead, the cash flow from ordinary business will be higher compared to the 1st month in the last period, and also we will have more efficient management of the networking capital because in the last part of the year, the the.

展望未來，與上一期第一個月相比，日常業務的現金流量將更高，而且由於今年下半年…，我們將更有效地管理網路資本。

The focus in the last part of the year. So also the network can be managed in a more way, and so we expect to improve the performance of FFO in this last which is more or less the dynamic.

今年下半年的工作重點。因此，網路也可以以更有效率的方式進行管理，因此我們期望提高 FFO 在這種動態特性下的效能。

Okay, perfect.

好的，完美。

So now the next question is coming from (Inaudible)

那麼，下一個問題來自…（聽不清楚）

So nice talking about the best, not the storage that we are implementing. So, I will read here. I saw that best lass Salinas.

很高興談論最好的，而不是我們正在實施的儲存方案。所以，我會在這裡看書。我見到了薩利納斯最棒的女孩。

200 megawatts and best of a batche, 58 megawatts were declared under construction at the CNE.

在 CNE 上宣布，200 兆瓦和一批中最好的 58 兆瓦正在建設中。

Do these projects involve additional solar capacity or just the energy storage? There are still an additional 200 megawatts of best capacity to meet your announcement plan.

這些項目是否涉及額外的太陽能發電容量，還是僅涉及儲能？還有額外的 200 兆瓦最佳容量可滿足您公佈的計劃。

Will this be added to existing solar PV in the north?

這會添加到北部現有的太陽能光電發電系統嗎？

Yes, so, talking about the strategy of best, we have launched three projects, this year in line with what was expected in the plan.

是的，說到最佳策略，我們今年已經啟動了三個項目，這與計劃中的預期相符。

And this project are hybrid project, so we are going to implement best system in our solar power plant in the north and why we do this in general, the best can be profitable also like a standalone device.

這個項目是混合項目，所以我們將在北部的太陽能發電廠實施最好的系統，我們這樣做的原因是，最好的系統也可以像獨立設備一樣獲利。

But the profitability is higher if you use the best system toilize our our plans and why? Because the project is faster. You need less.

但是，如果使用最佳系統來實現我們的計劃，獲利能力會更高，為什麼呢？因為這個專案進展得更快。你需要的量會更少。

And environmental, document to be produced, considering that you are, be the best in your plan and also we have some saving in terms of cost and electrical infrastructure and so I think that they have answered the question this moment that we are not increasing the solar capacity. You are just abridizing the solar projects.

考慮到環境因素，需要製作一份文件，力求在您的計劃中做到最好，而且我們在成本和電力基礎設施方面也節省了一些，所以我認為他們已經回答了這個問題，那就是我們不會增加太陽能發電容量。你只是在簡化太陽能專案。

Okay, so let me check here. So we have another one from (Inaudible).

好的，我來查一下。所以我們還有另一個來自（聽不清楚）

Well, part of the question was the right answer, so, I just keep the one that, wasn't yet. So thank you for the presentation.

嗯，問題的一部分答案是正確的，所以我只保留了那部分不正確的答案。非常感謝您的演講。

And he has one question. If I'm not mistaken, you had a target for 2025 or $500 million for expansion projects, mainly relating to batteries to storage. How has that changed by now, given that you are expecting a resolution on ciliary services before moving forward? And what the resolution in line with your expectations? Do you think will be enough to unlock high investment in storage?

他還有一個問題。如果我沒記錯的話，你們的目標是到 2025 年投入 5 億美元用於擴建項目，主要涉及電池儲能。鑑於您希望在推進下一步工作之前先解決纖毛服務問題，現在情況發生了哪些變化？最終的解決方案是否符合您的預期？你認為這足以促使人們對儲存領域進行高額投資嗎？

Thank you.

謝謝。

Okay, so in our current power plant we put more or less megawatts of new cap and you are right, 450. This project should have been launched at the beginning of the year and were launched in and so you can expect a movement of the COD.

好的，所以在我們目前的發電廠中，我們增加了大約 450 兆瓦的新容量，你說得對，是 450 兆瓦。這個專案本應在年初啟動，但實際上已經啟動，因此您可以期待 COD 的進展。

The city was in 2026 and then the new CD will be in 2027, and this will have an impact, but in any case, we start from a fleet of around 9 gigawatts of production and so this change is not a a a a huge change. Talking about regulation. So in August 4th of August was launched this new regulation that said that can participate in a service.

該市的建設時間是 2026 年，新的 CD 建設時間是 2027 年，這將產生一定影響，但無論如何，我們目前的發電量約為 9 吉瓦，因此這次變化並不是一個巨大的變化。談談監管。因此，8月4日推出了這項新規定，規定可以參與一項服務。

It means that this is very good news for the country because the best are a very important element that can stabilize the system at a very low cost. And so reducing the cost of the system is also reducing the cost of the participant.

這意味著這對國家來說是個非常好的消息，因為優秀的人才是一個非常重要的因素，能夠以非常低的成本穩定係統。因此，降低系統成本也就降低了參與者的成本。

In terms of revenues, it's not a huge increase, but it's in line with expected talking about the current bed that we have our beds that we have already installed its among $5 million and $7 million US dollars per year, but in case it's an important step because for me to make the best project a little bit more profitable than considered in the beginning and it means that they are profitable also imagining a higher penetration of projects.

就收入而言，雖然成長幅度不大，但符合預期。我們目前已安裝的床每年價值在 500 萬至 700 萬美元之間。但這是一個重要的里程碑，因為對我來說，它能讓最好的專案比最初設想的更有利可圖，這意味著即使專案滲透率更高，它們也能獲利。

Okay, perfect. So we have, the last question that is from (Inaudible) So the question is, do you have any news for unregulated PPA contracts?

好的，完美。最後一個問題來自（聽不清楚）。問題是，關於不受監管的購電協議（PPA）合同，您有什麼消息嗎？

And Well, in this moment, no, we don't have any news to stop.

嗯，目前來說，我們沒有什麼新聞要報道。

Okay, perfect. Let me just check if we have no more questions. Okay. If there are no further questions, we formally conclude our conference call. The investor relation team is at our disposal for any further inquiries. Many thanks for joining us and have a great rest of the week.

好的，完美。我再確認一下是否還有其他問題。好的。如果沒有其他問題，我們的電話會議正式結束。如有任何疑問，歡迎隨時聯繫我們的投資者關係團隊。非常感謝您的參與，並祝您本週餘下的時間愉快。

(Operator Instruction)

（操作說明）